Bitcoin: A New Year's Gift? Engulfing Zones Signal
hello guy!
First of all! Happy New Year!
I believe in a long position here! Why? let's explain it!
Engulfing Zones:
The term "engulfed" on this chart represents price levels where strong price movements absorbed opposing orders, marking areas of liquidity shifts.
The most recent engulfing level near $93,500 is a critical pivot. It has established itself as a short-term resistance point to watch.
Support Zone:
The shaded region around $91,000–$92,000 has consistently acted as strong support, with multiple rejections confirming its significance.
This zone is crucial for maintaining the current bullish structure.
Resistance Levels:
First Resistance: $93,500–$95,000, which aligns with prior engulfing price action.
Major Resistance: $97,271, marking the upper boundary of the consolidation range and a potential breakout zone.
Trend Structure:
The chart suggests a building bullish structure, with higher lows forming. This indicates buyers are gradually stepping in at higher price levels.
Potential Breakout Setup:
The chart projects a bullish breakout above $93,500 and a test of $95,000. A sustained move above $95,000 could pave the way for a rally toward $97,271.
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Scenarios to Watch:
Bullish Scenario:
A breakout above $93,500 confirms momentum toward $95,000. Clearing this resistance opens the path to $97,271 and possibly higher levels.
The continuation of higher lows supports the bullish outlook, provided the price remains above $91,000.
First of all! Happy New Year!
I believe in a long position here! Why? let's explain it!
Engulfing Zones:
The term "engulfed" on this chart represents price levels where strong price movements absorbed opposing orders, marking areas of liquidity shifts.
The most recent engulfing level near $93,500 is a critical pivot. It has established itself as a short-term resistance point to watch.
Support Zone:
The shaded region around $91,000–$92,000 has consistently acted as strong support, with multiple rejections confirming its significance.
This zone is crucial for maintaining the current bullish structure.
Resistance Levels:
First Resistance: $93,500–$95,000, which aligns with prior engulfing price action.
Major Resistance: $97,271, marking the upper boundary of the consolidation range and a potential breakout zone.
Trend Structure:
The chart suggests a building bullish structure, with higher lows forming. This indicates buyers are gradually stepping in at higher price levels.
Potential Breakout Setup:
The chart projects a bullish breakout above $93,500 and a test of $95,000. A sustained move above $95,000 could pave the way for a rally toward $97,271.
____________________________________
Scenarios to Watch:
Bullish Scenario:
A breakout above $93,500 confirms momentum toward $95,000. Clearing this resistance opens the path to $97,271 and possibly higher levels.
The continuation of higher lows supports the bullish outlook, provided the price remains above $91,000.
Trade active
the position is activated:
Trade closed: target reached
the target of the BTC's chart has been achieved!
👉 my broker:: bit.ly/HYMCMELI
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.